Grace Ashiru
Nigerian mobility company Moove has finalized its acquisition of the Brazilian car rental startup Kovi in an all-share agreement, marking a significant step in its Latin American expansion. The startup officially entered the Mexican market in October 2024.
“This acquisition not only enhances our presence in Latin America and solidifies our role as a leading force in global mobility, but it also demonstrates our dedication to supporting the Brazilian economy. Kovi’s innovative IoT software and sophisticated driver behavior models align perfectly with our existing strengths, bolstering our emphasis on safety, efficiency, and AI-driven innovation in mobility,” said Ladi Delano, Co-founder and CEO of Moove.
Founded in 2018 by former executives of 99, Kovi, a member of Y Combinator’s W19 batch, initially aimed to assist individuals in renting cars for ride-hailing services. However, it has since broadened its scope to also serve food delivery workers.
Kovi’s most recent funding round was a $104 million Series B, backed by investors including Valor Capital Group,Prosus Ventures, Quona,Broadhaven Ventures, GFC, Monashees,UVC Investimentos, PIPO, Norte, Maya Capital, and Globo Ventures. At that time, the company had over 11,000 drivers across Brazil and Mexico.
The acquisition by Moove increases the total number of vehicles in its fleets to 36,000 and expands its operations to 19 cities. Kovi will maintain its brand identity, and there are no anticipated changes to its management team.
“I met the founders several years ago when they were scaling their business in Africa, and I was immediately impressed by their purpose-driven approach, which aligns perfectly with our own culture. Together, I am confident we will build a globally defining business, leveraging scale and expertise that is unparalleled in our market. We are also excited to continue expanding across Latam with the added strength of such strong partners,” said Adhemar Milani Neto, CEO of Kovi.
Along with expanding its fleet, the acquisition boosts Moove’s annual revenue to $275 million. Last year, Moove secured $100 million in a funding round led by Uber and later revealed a partnership with Waymo to manage its fleet of driverless cars in Phoenix and Miami.
